University Council has now approved the University’s financial statements for the year ended 31 July 2014. These have been published on the University website. We print a small number of paper copies, and a printed copy can be obtained from Sue Granshaw.
The University achieved a surplus for the year of £15.4 million on total turnover of £484 million (the surplus representing 3.2% of turnover). This compares with a surplus of £5.8 million in the previous year, with the year on year improvement reflecting the significant increase in student fee income and a more modest increase in expenditure levels. Our strategic financial target is to deliver a surplus of 5% of turnover, effectively replacing HEFCE capital grants which no longer exist, enabling us to continue to invest in capital infrastructure.
The challenges for 2014/15 and beyond in a volatile environment for student recruitment are significant, however the University can continue to make good progress against its strategic goals from a position of financial strength.
Sarah Pook
Director of Finance